This is not a discrete project but an ongoing process and should always be competing for focus in strategic decision making.
Absolutely agreed. One limitation of the Iron Triangle concept is that it often seems to be used to make decisions based on a snapshot in time (i.e. which two are we choosing now), when some choices have longer half-lives than others.
As student numbers have increased, teaching has regressed for a variety of reasons to a greater focus on information transmission and less focus on questioning, exploration of ideas, presentation of alternative viewpoints, and the development of critical or original thinking. Yet these are the very skills needed by students in a knowledge-based society.
Related to Vijay Kumar's iron triangle. You can't increase the number of students without sacrificing quality or increasing costs.